Economics Past Questions and Answers

The firm portrayed is selling in

Demand is relatively inelastic

Consider the table which shows output (o), total cost (TC)of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = N 12, what is the maximum profit the firm can make ?

The excess profit made by the firm in the short-run is represented by

The long-run equilibrium price and quantity for the firm are respectively